Summary by Moomoo AI
AMC Entertainment reported Q3 2024 revenues of $1.35B, down 4.1% YoY, with a net loss of $20.7M compared to net earnings of $12.3M in Q3 2023. Adjusted EBITDA was $161.8M, marking the second-best Q3 performance in company history despite being down from $199.9M last year. Total attendance reached 65.1M, declining 11.5% YoY.The company achieved significant financial milestones, including extending $2.4B of debt maturities from 2026 to 2029/2030 and reducing outstanding debt by $349M year-to-date. AMC set new Q3 records for admissions revenue per patron and an all-time record for food and beverage revenue per patron. Cash and cash equivalents stood at $527.4M as of September 30.Management expressed optimism about the upcoming movie slate for late 2024 through 2026, expecting the industry-wide box office to markedly rise. The company's operational efficiencies enabled Q3 Adjusted EBITDA to match pre-pandemic Q3 2019 levels despite 25% lower attendance.
